The income statement of Toby Zed Company is presented here. - 14019

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Problem 17-3A

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Your answer is correct.

 

 

The income statement of Toby Zed Company is presented here.

TOBY ZED COMPANY
Income Statement
For the Year Ended November 30, 2012

Sales revenue

     

$7,700,000

Cost of goods sold

       

    Beginning inventory

 

$1,900,000

   

    Purchases

 

4,400,000

   

    Goods available for sale

 

6,300,000

   

    Ending inventory

 

1,400,000

   

Total cost of goods sold

     

4,900,000

Gross profit

     

2,800,000

Operating expenses

     

1,150,000

Net income

     

$1,650,000


Additional information:

1.

 

Accounts receivable increased $250,000 during the year, and inventory decreased $500,000.

2.

 

Prepaid expenses increased $150,000 during the year.

3.

 

Accounts payable to suppliers of merchandise decreased $340,000 during the year.

4.

 

Accrued expenses payable decreased $100,000 during the year.

5.

 

Operating expenses include depreciation expense of $90,000.


Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2012, for Toby Zed Company, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

 

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